Does Your Billing Process Need a Checkup?

If cash flow is the lifeblood of your company, is your billing process as cost-effective as it could be?  Consider this:

• Are you interacting in a relevant and timely way with your customers? 
• Are your processes secure?
• Do you have a clear view of and control over your cash flow? 
• Are your processes free of accuracy or quality issues?

Confidently answering “yes!” to all of these questions is a requirement in today’s quickly changing and competitive business environment.

And if your company’s billing system is not as vital as you need it to be, then you might consider outsourcing to pump new life into your company’s cash flow.

Comprehensive Statement and Billing Solutions
Processing and mailing statements and invoices can be time consuming and costly. As a result, many organizations are looking to alleviate this burden, and by doing it more efficiently, save both money and time.

However, processing and distributing statements should not be a mindless exercise. Clearly there are multitudes of ways to derive added value from the innovative use of statements. Likewise, now more than ever there are opportunities, derived from being more efficient, to reduce the costs associated with statement processing and distribution.

Whether you’re looking for print or electronic delivery, selecting a vendor that provides the most comprehensive statement and billing solution will give you the most flexibility in the long run.   

But one-stop shouldn’t mean one-size-fits-all, because your statement and billing solution should be tailored to fit your company’s specific needs, both current and long-term.  Read on to learn what should be top of mind when considering a statement and billing solutions provider. 

Cost Reduction
Skyrocketing United States Postal Service (USPS) mailing costs make the cost of doing business steeper.  When it comes to statement and bill processing, however, the costs can be magnified due to volume alone. 

Look for experts who can not only identify postage savings, but guarantee you a postage rate while refining your statement and bill format to further cut costs.  For example, duplex printing capabilities mean you can use both the front and back of your billing statement to communicate with your customers, while using less paper and reducing postage costs.

And, by taking the solution one step further with document outsourcing, you don’t need dedicated resources or expensive equipment to fulfill your billing needs. Look for nationwide production centers with data processing, digital printing and distribution to manage and deliver your billing documents, via traditional print and mail, or via online presentment.

Security
In today’s competitive marketplace, the security of customer data is something no organization should take for granted.  In selecting a statement and billing solution provider, it’s critical to look for vendors that follow the Statement on Auditing Standards (SAS) 70 Type II, the industry-standard audit that demonstrates effective internal controls, the highest security standards, and the tightest quality procedures to process sensitive, customer data.  Close attention should also be paid to the handling of credit card, ACH, and PINless debit payments. 

Such providers should be willing and able to provide a complete assessment of organizational risk related to your current bill and payment processing choices, to not only ensure any areas for improvement are clearly identified but also that the solution is tailored specifically to the needs of your organization.

Speed To Market
The greater Days Sales Outstanding (DSO) your receivables are, the less opportunity your company has to leverage an improved cash flow.

However, with Electronic Bill Payment and Presentment (EBPP) solutions, your organization can
secure payments on a more timely basis leading to significantly reduced DSO.  Furthermore, EBPP solutions can further enhance your organization’s marketing capabilities and help build lasting relationships with customers, all the while reducing costs associated with print and postage expenses. 

But whichever solution is right for you, evaluate your vendor against timeframes like these:

• Paper-based payment cycle—paid in 13 days
• Electronic statement billing—paid in 7 days
• Full EBPP from Standard Register—paid in 1 day

Select a billing partner that has the technology, resources and secure environment to support EBPP, with complete e-services, including:

• Document conversion from print to PDF or HTML
• Electronic document presentment
• Encrypted e-mail statement delivery
• Hosted archiving and e-notification
• Electronic payment
• CD-ROM production and archiving services

Accuracy and Quality
You should be able to quickly find the answers to important quality-assurance questions, such as:

• How many customer complaints has your organization received about the billing process or the billing statement in the last six months?
• What percentage of customer service calls pertains to your billing process or billing statement… and what are the top five questions or issues?
• Are there any reported instances where one customer got another customer’s bill or statement?

With automated processes and multiple validation technologies, your statements should be verified for accuracy before entering the mail stream.

Effective Customer Communications
Your bill is your only regularly scheduled appointment with your customer – get the most out of it! Why not use your company’s billing statement to deliver important information to your customers, such as:

• Answers to top customer service questions
• Customer care information and tips
• Product offerings
• Cross-selling,  up-selling opportunities, or transpromo opportunities
• Regulatory information
• Company news

Select a billing partner that can customize specific messaging on your customers’ billing statements. Perhaps you need to target various offers or information to specific demographic groups. It should be simple and cost-effective.

Improve Overall Billing/Payment Process and Cash Flow
Cash flow is the lifeblood of a company, and the only way to make sure yours is healthy is with a vital, up-to-date, payment process.

There’s no bigger or more immediate impact on your company’s financial bottom line than cash flow. That means your billing and payment processes must be cost-effective, secure, fast, and relevant to your customer’s needs… so you can get your bills out faster, get paid faster, and connect with your customers in a way that inspires confidence and loyalty.

To learn more about Standard Register’s Statement and Billing Solution, and how you can improve your overall payment process and cash flow, call us at 1.800.755.6405 or e-mail sales@standardregister.com.